Manufacturing activity continued to grow in September but at slower pace than August, according to national and regional surveys of companies’ purchasing managers.
The Mid-America Business Conditions index, generated from surveys in nine states that include Missouri and Kansas, dipped to 54.3 last month from August’s 57.2, said Creighton University’s Ernie Goss.
Nationally, the Institute for Supply Management said its index dipped to 56.6 in September from 59.0 in August. Any reading greater than 50 shows manufacturing is expanding.
The Midwest reading suffered partly from price changes for crops.
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“A 30 percent decline in grain prices over the past year has produced a pullback in economic activity for regional businesses linked to agriculture,” Goss.
A separate index for Kansas grew in September to 69.7 from 63.8 in August and posted the highest reading among Creighton’s survey. Missouri’s index declined to 57.7 from 59.2 in August.
A similar survey of companies’ credit managers released Tuesday by the National Association of Credit Management had shown continued expansion but a sharper slowdown.